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Volunteers -Young Adults-Module 2
''''''Checking and savings:'''''' ''''''Module objectives:'''''' In this module, students will learn about checking and savings accounts. They will learn how these accounts function, how to access them, and how to keep track of the money that comes in and out of the accounts. At the end of this module, your students will be able to: Explain the difference between a checking account and a savings acocunt Explain what a check register, and how to balance it Explain how to read a bank statement Demonstrate how to use deposit and withdrawal slips Demonstrate that they can compute the sum or difference of whole numbers and positive decimals to two places. '''Concepts to cover:''' This module will teach basic concepts about checking accounts, savings accounts, and how each of these ''''''Math standards covered in this module include:'''''' Develop a deeper understanding of very large and very small numbers and of various representations of them • judge the effects of such operations as multiplication, division, and computing powers and roots on the magnitudes of quantities • develop fluency in operations with real numbers, vectors, and matrices, using mental computation or paper-and-pencil calculations for simple cases and technology for more-complicated cases • judge the reasonableness of numerical computations and their results '''Social studies standards covered in this module include:''' IVh. work independently and cooperatively within groups and institutions to accomplish goals; Vc. describe the various forms institutions take, and explain how they develop and change over time; Vf. evaluate the role of institutions in furthering both continuity and change; Vg. analyze the extent to which groups and institutions meet individual needs and promote the common good in contemporary and historical settings; VIa. examine persistent issues involving the rights, roles, and status of the individual in relation to the general welfare; VIg. describe and analyze the role of technology in communications, transportation, informationprocessing, weapons development, or other areas as it contributes to or helps resolve conflicts; VIId. describe relationships among the various economic institutions that comprise economic systems such as households, business firms, banks, government agencies, labor unions, and corporation; VIIe. analyze the role of specialization and exchange in economic processes; VIIg. compare basic economic systems according to how rules and procedures deal with demand, supply, prices, the role of government, banks, labor and labor unions, savings and investments, and capital; VIIh. apply economic concepts and reasoning when evaluating historical and contemporary social developments and issues; X. identifies and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic. ' '''vocabulary words:''' '''automated teller machine (ATM)''' A computerized electronic machine that performs basic banking functions (as handling check deposits or issuingcash withdrawals). '''balance''' The amount of money remaining in ones account at the end of the month, which should be equal to the value on the statement received from the financial institution. Ifthere is discrepancy, one must try to identify the issue. '''check''' An order written on a specified and approved paper to abanker to release funds to pay for a debt or purchase. '''check register''' Generally attached to the checkbook, a ledger where the person can keep track of expenses as they write theirchecks or use the ATM card or debit card. '''checking account'''A bank account against which the depositor can draw checks. '''debit''' An entry that is generally found on the left-hand side of an account indicating either an expense or a deduction fromthe total amount. '''debit card''' It looks like a credit card, but it acts like a check. That is, the money is automatically deducted from your account andthus there is no monthly interest to pay. '''personal identification number (PIN)''' A code that is needed in order to get access to onesaccount from the ATM (Automated Teller Machine). '''deposit'''To place money in a financial institution for safekeeping. '''deposit slip''' Piece of paper filled out especially for the purpose ofdepositing cash or checks in a financial institution. '''F.D.I.C.''' FDIC stands for the Federal Deposit Insurance Corporation; if a bank is robbed, suffers a natural disaster, or goes through some other change that makes it impossible to pay the customer his or her money, the government, through the FDIC, will replace all the money that was damaged orstolen up to $100,000 per customer. '''interest''' The amount of money that one pays for the money that was borrowed, or the amount of money that the financial institution pays the shareholder or customer formaintaining their money with said institution. '''monthly statement''' Financial ledger showing the income and expenses that aperson or organization incurred during set time. '''overdraft/bouncing a check''' To write a check for more than the balance that is in theaccount. '''return check''' Written check that a vendor can not cash because of insufficient funds in the checking account of the individualthat wrote it. '''savings''' The amount of money that one has left after all the necessary expenses have been taken care off and one haschosen to safeguard or keep. '''savings account''' A account (as in a bank) on which interest is usually paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form. ....................................................................................... '''props/supplies:''' • Checkbook with check register • Savings book • ATM/debit card • Worksheets ''''' ''''' '''lesson: checking & savings''' Begin by holding up the checkbook. Ask students if they’ve ever seen one of these. Draw a brain map on the board to illustrate how the conversation progresses. Start with a central bubble in the middle (what is a checking account?) with lines and bubbles leading out from it including other concepts and ideas we will cover in the discussion. '''Lead a discussion about checkbooks that includesthe following questions:''' ->What is this called? ->Where does the money for the checks come from? This should include both of the following ideas: 1. Checks are not free money;2. Checks are linked to a checking account ->Is there another way to pay for items through yourchecking account besides using a check? ->Why is it smart to have a checking account?Explain concept of FDIC ->What can you buy with checks? ->What happens if you don’t have enough money in youraccount to cover a check? “bounced check”/overdraft ->How do people keep track of the money in their checkbook? Monthly statement/check register/balancing check book '''HOPE Corps volunteer tip''': By using students’ everyday experiences, such as shopping with their family, teaching financial concepts will be easier. These discussions can happen all at once, or you can choose to use worksheets to break up the discussion. '''you will use the following worksheets:''' Worksheet with two blank checks. Students will use the worksheets to make out their own checks. It would probably be most helpful for the module instructor to use an overhead transparency of the check worksheet. Worksheet with check register that needs to be completed.] Worksheet with check deposit and check withdrawal slips. [[:File:13.jpg|ModifyDeleteMove]] Help guide the students through the worksheets, offering as much help as necessary. Make sure to have extra copies of the worksheets in case students want to “write” morethan one check or withdraw or deposit more money. Depending on how quickly the students are grasping the idea of check writing or using deposit/withdrawal slips, you can choose to do either or both of these worksheets as a teacher-led group activity, or students may do them individually. When completing each of these three worksheets (filling out check; filling out deposit slip; filling out withdrawal slip) emphasize what needs to be filled out, and what happens when you fill out each one of these slips/checks in real life. '''HOPE Corps volunteer tip:''' Gauge your students’ skill levels, and adapt your lesson plan for the day to accommodate their skills '''Group activity''' After the first three worksheets have been successfully completed, have students break up into five groups. Tell students that each group will pretend to be a family, and each “family” must balance their checkbook register. Give students a blank '''check register worksheet''' and one of the following '''family financialcards'''. Instruct students that they must use the financial facts reported on each card to balance their checkbook. '''answer key (family financial cards on opposite page):''' Brown family: $1942.06 Garrett family: $2053.51 Diaz family: $1902.23 Anderson family: $2108.96 Lee family: $1742.44 '''lesson: ATM/debit card review''' As the last section of the checking section, you should briefly cover the ATM/debit card. Begin the section by asking something similar to “Does anyone know of a way to pay for thingsthrough your checking account without using a check or cash?” If no one has an answer, hold up a check card. Students may think that this is a credit card; explain to them that even though this looks like a credit card, this is called an ATM/debit card, and it’s used exactly how you would use a check. '''cover the following questions:''' How is an ATM/debit card used? What is a PIN number? Why is it important? How can you access your account? How do I use an ATM? You can also direct students to the online curriculum for an ATM demo. After you’ve thoroughly covered the checking section (which will take up the majority of the class session), ask students if any of them have another kind of account—a savings account. Some of the students may have this typeof account. If any of the students in your class do, please ask them to tell you why, when, and how they opened their accounts. You certainly shouldn’t ask them to volunteer information about how much money they have in their accounts. '''you can ask questions such as:''' Was it easier or harder than you thought to openup your account? How long have you had the account? Do you find the savings account to be useful? Do you like having a savings account? Etc. From here, talk to students about the benefits of having asavings account. Explain to them that they can open a savings account with just a little bit of money, and the bank will actually pay them money called''' interest''' to keep their money in the bank. This means that their money will grow just bykeeping it in the bank. Have students fill out a savings deposit slip as their last activity. Finally before you leave class, ask students to raise their hands and tell you the most important thing that they’ve learned today. Answers will vary, and encourage students to discuss why they felt certain lessons were more important to them than others. This will help students to get involved in a review discussion and will also be a quick,easy way to cover much of the material covered that day. If students don’t mention any important points by the end of the volunteered information session, please include that information as well. (“And who can remember what we call it when we don’t have enough money in our checking account to cover a check we write?” “That’s right! An overdraft!”) '''notes:''' ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... '''name:''' ....................................................................................... Once you receive instructions, fill out these sample checks. '''checks''' '''name''' Once you receive instructions, fill out these sample check registers. '''check registers''' '''name''' Once you receive instructions, fill out this sample withdrawal/deposit ticket. '''check withdrawal/deposit ticket''' '''name''' Once you receive instructions, fill out these sample deposit tickets. savings deposit tickets =